Hi this is my first post. My partner and i have one rental property that owes $270 000 and is currently tenated and bringing in $350 per week it was valued 6months ago for around $330 000 and we have owned for 5 years. we are finally coming out of our locked in period of 8.26% for the past 4 years and will now be 7.1% interest. we have also purchased another house which we have been living in for the last year for $368 000 the interest is also now 7.1% and was valued at $415 000 2 years ago. our problem is we dont know what to do with our rental property. we would like to build our dream house on a larger block in the the next two years and start a family. we dont know whether to keep the rental and try and consolidate our loans and get a cheaper interest rate, to sell the property now and buy a block or pay off some money off our principal. or put our rental on an interest only contract and use the extra money to help pay off our principal quicker. we dont know what the best option is wondering if anyone on here could help us. or whether someone could point us in the right direction to a specialist.
kind regards
Mark
Hi Mark I need to know your income details before I can give you accurate feedback as this will determine your borrowing capacity, rather not speculate with the limited info. <edited – admin>
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